News
Economy Watch: Economy Loses Whatever Pep It Had
Double dip, not quite. Anemic recovery, more likely, but in any case no one is happy with the growth rate of the economy. On Friday the Bureau of Economic Analysis put the annualized U.S. GDP growth at 2.4 percent during 2Q10, compared with 3.7 percent in 1Q10.
LNR Completes Recapitalization as Vornado Takes 26.2 Percent Stake for $116M in Cash
With the participation of Vornado and others, Miami Beach-headquartered LNR, a diversified real estate company and special servicer of commercial mortgage loans and CMBS, has achieved a comprehensive recapitalization of its balance sheet.
$900M Mixed-Use Denver Airport Project Moves Forward with Design Unveiling
The project will be constructed in phases, with the first stage carrying a development price tag of $650 million. Phase I will consist of a 500-room hotel to be designed by architectural firm Gensler, with approximately 40,000 square feet of meeting space.
Hooters Taps Colliers to Lead Expansion
The restaurant chain says it plans to increase its location count by at least 15 to 20 percent annually over the next several years.
Fitch Says CMBS Cumulative Defaults Up to 9.5 Percent
According to Fitch, the 133-basis-point climb from the first quarter is consistent with the firm’s expectation of an 11 percent cumulative default rate by the end of the year.
Economy Watch: Most Metro Areas Suffering More Foreclosures Than Last Year
According to foreclosure specialist RealtyTrac, 154 of the 206 U.S. metro areas with populations of at least 200,000 saw more foreclosure activity during the first half of 2010 as they did in 2009. Slightly more optimistically, however, foreclosure activity decreased in nine of the 10 metros with the highest foreclosure rates.
435,000-SF Blue Cross Lease to Increase Detroit’s GM Renaissance Center to 90 Percent Occupancy
In Michigan, Southfield’s loss will be Detroit’s gain now that Blue Cross Blue Shield of Michigan has committed to relocating to the 5.5 million-square-foot mixed-use GM Renaissance Center.
KBS REIT II Closes on 1.3 MSF 330 N. LaSalle
The transaction boosts KBS-purchased commercial real estate to more than 3.5 million square feet thus far in 2010. That square footage includes properties in Dallas, St. Louis, San Diego, Portland and Herndon, Va.
Equity Office Nails Down Pair of Leases at SF Bay Area’s Skyway Landing
Wells Fargo Insurance Services has taken 40,257 square feet, while MarkLogic Corp. has nearly doubled its occupancy by expanding into an additional 18,630 square feet, making for a total of 40,268 square feet.
ACQ Makes $24M Equity Purchase of Atlanta’s Vinings Main
Rosemont, Ill.-based ACG Equities has made a 100 percent equity purchase of Atlanta’s Vinings Main mixed-use commercial and residential condominium development, which fell into foreclosure last December.